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Religare Enterprises Q3 loss narrows to Rs 10 crore


New Delhi: Religare Enterprises (REL) saw its standalone net loss narrowing to Rs 10.33 crore during the December 2018 quarter, compared with Rs 45.14 crore a year ago.

Its total income was Rs 12.23 crore, slightly up from Rs 11.85 crore in the corresponding quarter of 2017-18, Religare Enterprises said in a regulatory filing on Tuesday.

On December 17, 2018, the company along with its subsidiary Religare Finvest (RFL) filed a complaint with the corporate affairs ministry and Sebi against the promoters of REL Malvinder Mohan Singh and Shivinder Mohan Singh as well as former CMD Sunil Godhwani, directors and officers of the entities owned and controlled by the promoters and other unknown persons seeking investigation into various suspicious transactions undertaken at REL and its subsidiaries, the company said.

REL said it had also filed a criminal complaint on December 18 with the economic offences wing of the Delhi Police against these people and other unknown persons for various offences under the IPC including offences of cheating, breach of trust, criminal mis-appropriation, criminal conspiracy, money laundering and forgery.

The company has suffered unlawful losses due to this while the people mentioned in the complaints have gained unlawfully, it added.

“The company has filed an interim application on October 31, 2018, before the High Court of Delhi in the matter of Daiiçhi Sankyo Company Ltd vs. Malvinder Mohan Singh & Others as garnishee in respect of 1,500,000 non-convertible preference shares (NCPS) of the Company held by Oscar Investments Ltd, Promoters Group Company,” it added.

Further, the company is awaiting the directions of the high court in respect of the redemption of NCPS. The total redemption amount of the said NCPS stands at Rs 4,190.28 lakh, it said.

Shares of the company closed 5.54 per cent higher at Rs 20 apiece on the BSE.

Source: Economic Times